Proposals To Tackle Payment Issues And Procurement

New legislation has been announced in the Queen's speech which is designed to provide a greater level of support to small businesses, with the ultimate aim of helping them to develop and grow their operations.

The Small Business, Enterprise and Employment Bill includes a range of measures designed to develop a fairer marketplace for growing companies, including strengthening the Prompt Payment Code.

It also includes plans to allow smaller companies the ability to better compete with larger rivals for procurement contracts, as well as to increase transparency between larger organisations and smaller suppliers.

The plans have been welcomed by organisations included the manufacturers’ organisation EEF and the Federation of Small Businesses.

The latter’s national chairman, John Allan, said that the “landmark” bill highlighted the “growing recognition of the role small businesses have to play in driving forward the economy”.

Expert Opinion

The announcement of this new legislation is very welcome and yet another indication of the emphasis that the Government is placing on small businesses, specifically the part such organisations have to play in pushing the ever-improving economy further forward. <br/> <br/>"Small firms are so vital to the world of business and new measures to help them on their way and address some of the inconsistencies and difficulties they face can only be positive. It is vital that would-be entrepreneurs and growing businesses getting off the ground ensure they are aware of all of the potential support open to them. <br/> <br/>"Such companies also need to ensure they understand support is hugely important to developing the foundations of a successful organisation. A key component of this is ensuring you have access to high quality legal advice which will ensure you meet all of your responsibilities on a range of issues – from HR to contract law." Steven Beahan - Partner